Profit-making idea: Halal industry offering attractive opportunities

BY JACO MARITZ | 27 NOVEMBER 2017

PROFIT-MAKING IDEA IS A SERIES OF SHORT POSTS, EACH WITH A PIECE OF INFORMATION THAT WE THINK YOU MIGHT FIND USEFUL: FOR INVESTMENT, FOR GROWING YOUR COMPANY OR TO START A NEW BUSINESS. READ OUR PREVIOUS POSTS HERE.

Africa's large Muslim population presents significant opportunities for manufacturers of halal food, cosmetics, personal care and pharmaceutical products. Although the word halal is often associated with food, it simply refers to what is permissible in traditional Islamic law, and can be applied to any product or service. Global Muslim consumption of the aforementioned product categories is estimated at US$1.26tn a year.

One organisation eager to tap into the halal industry is Wesgro, the trade and investment agency for South Africa's Western Cape, which has a sizeable Muslim community. It wants to establish the province as a prominent player in the manufacturing of halal products.

Earlier in the year, Wesgro took five local halal companies on a trade mission to Senegal, which culminated in a number of trade deals. Islam is Senegal's dominant religion, practiced by 92% of its 15 million people. The country serves as a trade hub for the region's landlocked territories, and has also attracted regional business people due to is relatively stable commercial environment.